Like hardly anyone else, he has an overview of the behavior of private investors: Heiko Beck, CEO of the German Securities Service Bank (DWP-Bank), the largest German securities custodian bank with 5.5 million securities accounts.

Around 1,200 banks, savings banks and Volksbanks – three quarters of all institutes – are affiliated with it.

In an interview with the FAZ, Beck praised German savers: “The recent fluctuations on the stock exchanges are making themselves felt in the behavior of private investors, but they are reacting very calmly.

There is no sign of panic.”

Markus Fruehauf

Editor in Business.

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The savings plans would continue, many private investors remained invested.

"We continue to record more securities purchases than sales, even if new business with savings plans and transaction business has recently declined somewhat," says Beck.

According to him, DWP Bank, which is controlled by the savings banks and the Volksbanken, recorded a 10 percent increase in business volume in the first quarter.

That has calmed down since April, but that is not unusual.

The second and third quarters were always quieter each year, which Beck attributes to the many public holidays and vacation time.

"The Germans are no longer muffle about stocks"

“Measured against what happened, German investors are reacting very calmly,” he reiterates his praise.

In fact, with high inflation, the turnaround in interest rates, the war in Ukraine and fears of recession, a lot has happened that has spoiled the appetite for shares for many investors.

But Beck sees no alternative to stocks for securities savers, even in this difficult environment.

Interest rates would remain comparatively low and inflation high.

"The Germans are no longer muffle about stocks," says Beck with satisfaction.

The development of the past few years shows this very clearly.

Younger people in particular were increasingly enthusiastic about stocks.

He justifies the fact that the private investors remained calm in price correction phases with their greater experience: “They can better assess the value of stable companies.

It was different twenty years ago in the days of the Neue Markt.” Even if the Wirecard affair caused some investors considerable losses, there was no turning away from the stock market in general afterwards, he adds.

He also recognizes the interest in shares in the new product of DWP Bank, the savings plan for individual shares.

Here, investors can save a certain amount every month, which is invested in installments in a single security.

“The response to this product is encouraging.

Our offer for the reinvestment management of dividends is also well received,” reports Beck.

The most popular stocks for the savings plan (as of the end of May) were Allianz and BASF, two high-dividend stocks.

Surprisingly, the Apple share follows in third place.

They are followed by two established German stocks, Telekom and Mercedes-Benz, but Amazon, one of the major US technology stocks, is already in sixth place.

With the interest in shares, the willingness of German private investors to invest in foreign stocks has also increased.